Declaring ITC Ltd as the successful bidder at Rs 515.44 crore, IFCI said in a filing to the BSE that the Kolkata-based company has remitted 25 percent of bid amount of Rs 128.86 crore as per the terms of the tender document.

"Further, ITC Ltd has been advised to remit 75 percent of the balance amount within 15 days for the confirmation of sale," IFCI said.

Earlier, in a separate filing, ITC said IFCI Ltd had informed that it has been declared as the highest/successful bidder for Park Hyatt Hotel located at Cansaulim, Goa along with land and built up area of the hotel together with all buildings and structures and plant and machineries.

The aforesaid assets of Blue Coast Hotels Ltd were put up on sale by IFCI Ltd through public auction under the provisions of the securitisation and reconstruction of financial assets and enforcement of Security Interest Act, 2002, it added.